That does sound like a fueling problem. My thoughts are:
timing
injectors set wrong
mistake or fault in the injector pump
I don't think you should get much black smoke if its running well, only under really hard acceleration when it over fuels, the rest of the time it should be very lean.
You may have a tooth out, but you are also relying on the DPA pump being right too, check its the right one, I can't recall whether its poosible to build them wrong or not.
I get around 25-30 mpg on my heavy LWB, ok its the Perkins but its a bigger capacity so I would think you should get well above 20-25 mpg. There's got to be some reward for having no power (19.1hp/ltr on mine)
 

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